Property with an Annexe and Commerical Building.

timPgoodwin

Hello,


Apologies if I miss anything out here, this is only my 2nd post.


My situation is thus - Me and my fiancé are looking to buy a 3-bedroomed property with an annexe (which her mother will live in at some point, but not for at least 5 years) and the property also has a 27-foot and 22-foot wooden commercial property(s) attached. The issue has been in getting a lender who will give us a MIP - They state that if we rented the annexe out (which we do not want to do) then we defer on the mortgage, it will be difficult for them to evict any tenants living in the annexe.


The property is worth £265K and we are willing to put down up to 25-30% as a deposit.


Are there any lenders that specialize in these types of property? If so whom? Could we find out who the current occupants have their mortgage with as they obviously have a mortgage for the property.


Thanks
Tim

GMS

There are lenders who would CONSIDER an application but it would all come down to the valuers comments. If they believe it will be rented out then they would most likely decline.

Is the annexe on the same title as the main property?

Does it have it's own kitchen and bathroom?

Any shared services, i.e electric, gas, water?

Any shared entrances?

Does it look like it could be let out?

Is it in a popular area for holidaymakers?

Best to seek a broker for this one.

timPgoodwin

The annexe is a complete separate building with own entrance, bathroom, kitchen, supply of water/electricity. Basically if the main house was knocked down the annexe would be still habitable and have running water etc.

The house is in a rural N.Yorkshire town, not frequented by holidaymakers so no worries on that front. Can we not add a stipulation to the mortgage that we would not or never would charge rent to someone living there and make it as one with the main house?

Thanks
Tim